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Home » Boston Scientific to acquire majority stake in M.I. Tech

Boston Scientific to acquire majority stake in M.I. Tech

June 15, 2022 By Sean Whooley

Boston ScientificBoston Scientific (NYSE:BSX) announced today that it agreed with Synergy Innovation to purchase its majority stake in M.I. Tech.

Marlborough, Massachusetts-based Boston Scientific will acquire a stake totaling approximately 64% in the publicly traded, Korea-based manufacturer and distributor of medical devices for endoscopic and urologic procedures.

According to a news release, M.I. Tech created the Hanarostent family of conformable, non-vascular, self-expanding metal stents, which Boston Scientific has distributed in Japan since 2015. Hanarostent technology features a hook-cross nitinol design for providing a natural and flexible fit within a patient’s anatomy, along with flared ends to help prevent stent migration.

The purchase price for the agreement includes approximately KRW 14,500 per share, which represents a total of KRW 291.2 billion or approximately $230 million at current exchange rates, subject to closing adjustments.

Boston Scientific expects to complete the transaction in the second half of 2022, subject to customary closing conditions. The company expects the acquisition of the stake to be immaterial in 2022 in terms of impact to GAAP and adjusted earnings per share.

“M.I.Tech is an innovator in non-vascular stent development, with product offerings that complement our existing stent portfolio, including the differentiated Axios stent and electrocautery enhanced delivery system and the flexible and conformable Agile esophageal stent system,” Boston Scientific EVP and Group President for MedSurg and Asia Pacific Art Butcher said in the news release. “We are committed to investing in technologies that advance care for patients around the world and are eager to work more closely with M.I.Tech to expand their international footprint.”

BTIG analyst Marie Thibault pointed out that the acquisition represents Boston Scientific’s first transaction of 2022, following a year in 2021 that included five announced acquisitions.

The analyst noted that M.I. Tech is profitable and the buy represents a reasonable move on Boston Scientific’s part, as the company remains a “Buy” option in BTIG’s view.

“[The investment] gives BSX the opportunity to complement its non-vascular stent portfolio and bolster its international presence,” Thibault wrote.

Filed Under: Business/Financial News, Endoscopic, Featured, Mergers & Acquisitions, News Well, Stents, Urology Tagged With: Boston Scientific, M.I. Tech

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at [email protected].

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